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Sojitz's metals and coal division posts YOY fall in 9-month profit

Sojitz Corp.'s metals and coal division posted a profit attributable to shareholders of ¥4.62 billion for the nine months that ended Dec. 31, 2016, dropping ¥6.61 billion from the same period a year ago, the company said Feb. 3.

The year-ago profit included gains on revaluation of the company's coal assets. Results were also impacted by a decline in the share of profit of investments accounted for using the equity method. The negative impacts offset the improvement in gross profit due to higher overseas coal prices.

Metals and coal net sales in the nine months dropped 21.2% year on year to ¥315.87 billion as a result of lower volumes for precious metals and ferroalloys.

The group's overall profit attributable to shareholders totaled ¥30.08 billion, or ¥24.05 per share, for the nine months that ended Dec. 31, 2016, a 6.6% decrease year over year.

In the full year ending March 31 this year, Sojitz expects profit attributable to shareholders to increase 9.5% year over year to ¥40.0 billion, or ¥31.97 per share.

As of Feb. 2, US$1 was equivalent to ¥112.39.